SunWater Limited Constitution€¦ · Doc#1817584 - Conststution - SunWater Limited 2015 MASTER COPY.DOCX 2 ME_75795500_2 (W2003) Governor in Council has the meaning given to that

Adopted 1 July 2008

Amended October 2015 (Replaced Item 10)

ME_75795500_2 (W2003)

SunWaterLimitedConstitution

Doc#1817584 - Conststution - SunWater Limited 2015 MASTER COPY.DOCX ME_75795500_2 (W2003)

CONTENTS

1. PRELIMINARY 1

1.1 Replaceablerules 11.2 Definitions 11.3 Interpretationofthisdocument 21.4 GOCActprevails 3

2. OBJECTSOFCOMPANY 4

2.1 Objects 42.2 Interpretation 4

3. DIRECTORS 4

3.1 NumberofDirectors 43.2 PublicServiceOfficersnoteligible 53.3 AppointmentofDirectors 53.4 Retirementbyrotation 53.5 CessationofDirector'sappointment 53.6 Removalfromoffice 5

4. POWERSOFTHEBOARD 5

4.1 Powersgenerally 54.2 StatementofCorporateIntent 64.3 Exerciseofpowers 64.4 ResponsibilitiesundertheGOCAct 6

5. COMMITTEESANDDELEGATES 6

5.1 Powertodelegate 65.2 Powertorevokedelegation 65.3 Termsofdelegation 65.4 Proceedingsofcommittees 6

6. ATTORNEYORAGENT 7

6.1 Powertoappoint 76.2 Powertorevokeorvary 7

7. DIRECTORS'DUTIESANDINTERESTS 7

7.1 CompliancewithdutiesundertheAct 77.2 Degreeofcareanddiligencerequired 77.3 Directorcanholdotherofficesetc 77.4 Disclosureofinterests 77.5 Directorinterestedinamatter 87.6 RegisterofInterests 8

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7.7 Agreementswiththirdparties 87.8 Obligationofsecrecy 8

8. DIRECTORS'REMUNERATION 9

8.1 RemunerationofDirectors 98.2 Additionalremunerationforextraservices 98.3 ExpensesofDirectors 9

9. OFFICERS'INDEMNITYANDINSURANCE 9

9.1 Indemnity 99.2 Insurance 109.3 Formerofficers 109.4 Deeds 10

10. CHIEFEXECUTIVEOFFICERANDSENIOREXECUTIVESERROR!BOOKMARKNOTDEFINED.

10.1 Appointment Error!Bookmarknotdefined.10.2 Termsandconditions Error!Bookmarknotdefined.

11. BOARDMEETINGS 10

11.1 ConveningBoardmeetings 1111.2 NoticeofBoardmeeting 1111.3 Useoftechnology 1111.4 ChairingBoardmeetings 1111.5 Quorum 1111.6 Majoritydecisions 1211.7 Proceduralrules 1211.8 Writtenresolution 1211.9 Additionalprovisionsconcerningwrittenresolutions 1211.10 Validproceedings 12

12. MEETINGSOFMEMBERS 13

12.1 Annualgeneralmeeting 1312.2 CallingmeetingsofMembers 1312.3 Noticeofmeeting 1312.4 Shortnotice 13

13. WRITTENRESOLUTIONSOFMEMBERS 13

13.1 Resolutionswithoutameeting 1313.2 Signatureofresolutions 14

14. SECRETARY 14

14.1 AppointmentofSecretary 1414.2 Termsandconditionsofoffice 1414.3 CessationofSecretary'sappointment 14

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14.4 Removalfromoffice 14

15. MINUTES 15

15.1 Minutesmustbekept 1515.2 Minutesasevidence 1515.3 Inspectionofminutebooks 15

16. COMPANYSEALS 15

16.1 Commonseal 1516.2 Useofseals 1616.3 Fixingsealstodocuments 16

17. FINANCIALREPORTSANDAUDIT 16

17.1 Companymustkeepfinancialrecords 1617.2 Annualreport 1617.3 Quarterlyreports 1617.4 Information 1617.5 Audit 17

18. SHARES 17

18.1 Powertoissueshares 1718.2 PermittedMembers 1718.3 Membersrights 17

19. CERTIFICATES 17

19.1 Issueofsharecertificate 1719.2 Lostandwornoutcertificates 17

20. DIVIDENDS 18

20.1 Dividendsmustbepaidoutofprofits 1820.2 Applicablelaw 1820.3 Paymentofdividends 1820.4 Methodofpayment 1820.5 Nointerestondividends 18

21. TRANSFEROFSHARES 18

21.1 TransfertoShareholdingMinister 1821.2 TransferonMemberceasingtobeShareholdingMinister 1921.3 Modeoftransfer 1921.4 Premiermayexecutetransfer 1921.5 ProvisionsoftheGOCAct 1921.6 Deliveryoftransferandcertificate 1921.7 Refusaltoregistertransfer 2021.8 TransfersdirectedbyShareholdingMinisters 20

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21.9 Transferorremainsholderuntiltransferregistered 20

22. TRANSMISSIONOFSHARES 20

23. ALTERATIONOFSHARECAPITAL 20

23.1 Reductionofcapital 2023.2 Paymentsinkind 20

24. WINDINGUP 21

24.1 EntitlementofMembers 2124.2 Distributionofassetsgenerally 2124.3 Nocompulsorydistributionofliabilities 2124.4 Distributionnotinaccordancewithlegalrights 21

25. NOTICES 21

25.1 NoticesbyCompany 2125.2 Whennoticeisgiven 2225.3 Businessdays 2225.4 Countingdays 23

26. AMENDMENTOFTHISDOCUMENT 23

26.1 AmendmentbyShareholdingMinisters 2326.2 ConsentofShareholdingMinistersrequired 23

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CONSTITUTIONOFSUNWATERLIMITED

1. PRELIMINARY

1.1 Replaceablerules

Thereplaceablerulesreferredtoinsection141donotapplytotheCompanyandarereplacedbytherulessetoutinthisdocument.

1.2 Definitions

Thefollowingdefinitionsapplyinthisdocument.

ActmeanstheCorporationsAct2001(Cth).

Affiliatemeans:

(a) aRelativeordefactospouseofaDirector;

(b) anyentity(suchasbodycorporate,partnershiportrust)whichaDirectororaRelativeordefactospouseofaDirectorcontrols(withinthemeaningofsection50AA);

(c) abodycorporateinwhichaDirectororaRelativeordefactospouseofaDirectorownsorholdsintheaggregatemorethan20%ofthevotingshares(asdefinedintheAct).

Auditor-GeneralmeanstheQueenslandAuditor-General,appointedundertheFinancialAdministrationandAuditAct1977(Qld).

BoardmeanstheDirectorsactingcollectivelyunderthisdocument.

Companymeansthecompanynamedatthebeginningofthisdocumentwhateveritsnameisforthetimebeing.

CorporatePlanmeansthecorporateplanofthecompanyfortherelevantfinancialyearpreparedinaccordancewiththeGOCAct.

Directormeansapersonwhois,forthetimebeing,adirectoroftheCompanyincluding,whereappropriate,analternate.

dividendincludesaninterimdividendandafinaldividend.

GOCActmeanstheGovernmentOwnedCorporationsAct1993(Qld)anditsregulations.

GOCMinisterhasthemeaninggiventothattermundertheGOCAct.

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GovernorinCouncilhasthemeaninggiventothattermundertheActsInterpretationAct1954(Qld).

IndirectInterestincludesaninterestofanAffiliateofaDirector.

MembermeansapersonwhosenameisenteredintheRegisterastheholderofashareandmeansaShareholdingMinister.

OrdinaryResolutionmeansaresolutionpassedatameetingofMembersbyamajorityofthevotescastbyMembersentitledtovoteontheresolution.

PortfolioMinisterhasthemeaninggiventothattermundertheGOCAct.

PremiermeansthePremieroftheStateofQueensland.

PublicServiceOfficerhasthemeaninggivenbythePublicServiceAct1996(Qld).

RegistermeanstheregisterofMemberskeptasrequiredbysections168and169.

Relativehasthemeaninggivenbysection9.

Secretarymeans,duringthetermofthatappointment,apersonappointedasasecretaryoftheCompanyinaccordancewiththisdocument.

ShareholdingMinistersmeanstheGOCMinisterandthePortfolioMinister.

SpecialResolutionhasthemeaninggivenbysection9.

StatementofCorporateIntenthasthemeaninggivenbytheGOCAct.

VotingMemberinrelationtoageneralmeeting,ormeetingofaclassofMembers,meansaMemberwhohastherighttobepresentandtovoteonatleast1itemofbusinesstobeconsideredatthemeeting.

1.3 Interpretationofthisdocument

Headingsandmarginalnotesareforconvenienceonly,anddonotaffectinterpretation.Thefollowingrulesalsoapplyininterpretingthisdocument,exceptwherethecontextmakesitclearthataruleisnotintendedtoapply.

(a) Areferenceto:

(i) legislation(includingsubordinatelegislation)istothatlegislationasamended,modifiedinrelationtotheCompany,re-enactedorreplaced,andincludesanysubordinatelegislationissuedunderit;

(ii) adocumentoragreement,oraprovisionofadocumentoragreement,istothatdocument,agreementorprovisionasamended,supplemented,replacedornovated;


(iii) apersonincludesanytypeofentityorbodyofpersons,whetherornotitisincorporatedorhasaseparatelegalidentity,andanyexecutor,administratororsuccessorinlawoftheperson;and

(iv) anything(includingaright,obligationorconcept)includeseachpartofit.

(b) Asingularwordincludestheplural,andviceversa.

(c) Awordwhichsuggests1genderincludestheothergenders.

(d) Ifawordisdefined,anotherpartofspeechhasacorrespondingmeaning.

(e) Ifanexampleisgivenofanything(includingaright,obligationorconcept),suchasbysayingitincludessomethingelse,theexampledoesnotlimitthescopeofthatthing.

(f) Thewordagreementincludesanundertakingorotherbindingarrangementorunderstanding,whetherornotinwriting.

(g) Apowertodosomethingincludesapower,exercisableinthelikecircumstances,torevokeorundoit.

(h) Areferencetoapowerisalsoareferencetoauthorityordiscretion.

(i) Areferencetosomethingbeingwrittenorinwritingincludesthatthingbeingrepresentedorreproducedinanymodeinavisibleform.

(j) Aword(otherthanaworddefinedinrule1.2)whichisdefinedbytheActhasthesamemeaninginthisdocumentwhereitrelatestothesamemattersasthemattersforwhichitisdefinedintheAct.

(k) AreferencetoaChapter,Part,DivisionorsectionisareferencetoaChapter,Part,DivisionorsectionoftheAct.

1.4 GOCActprevails

(a) ThisdocumentistobereadsubjecttotheGOCAct.

(b) TotheextentofanyinconsistencybetweentheGOCActandtheActregardingthisdocument,theGOCActwillprevail.

(c) TotheextentofanyinconsistencybetweentheGOCActandthisdocument,theGOCActwillprevail.

(d) TotheextentofanyinconsistencybetweentheActandthisdocument,subjecttorule1.4(b),theActwillprevail.


2. OBJECTSOFCOMPANY

2.1 Objects

TheCompany'sobjectsare:

(a) bulkwaterstorageanddistribution;

(b) watertreatment,reticulationanddrainage;

(c) waterinfrastructuredevelopment;

(d) engineeringconsultancyservices;

(e) operationsandmaintenanceservices;

(f) waterbusinessmanagementservices;

(g) carryingoutanyactivitythatisincidentaltoordoinganythinglikelytocomplementorenhancetheobjectssetoutinthisrule2.1,includingbutnotlimitedtohydro-electricitydevelopmentassociatedwiththeCompany’sbulkwaterstorage;and

(h) toperformanyotherfunctionsandexerciseanyotherpowersconferredonitunder:

(i) anyact;

(ii) anyregulation;

(iii) theCompany’sStatementofCorporateIntent;or

(iv) theCompany’sCorporatePlan.

TheCompanymustnotundertakeanyactivitieswhichdonotcomewithinthescopeoftheobjectscontainedinthisrule.

2.2 Interpretation

TheCompany'sobjectsaretobeinterpretedindependentlyandnotaslimitinganyotherobject.

3. DIRECTORS

3.1 NumberofDirectors

ThenumberofDirectorsoftheCompanyisthenumberofDirectorsthatareappointedfromtimetotimebytheGovernorinCouncilinaccordancewiththeGOCAct.AtalltimestheCompanymusthavenolessthanthreeDirectors.


3.2 PublicServiceOfficersnoteligible

InaccordancewiththeGOCActaPublicServiceOfficerisnoteligibleforappointmentasaDirectoroftheCompany.

3.3 AppointmentofDirectors

AllDirectorsoftheCompanymustbeappointedbytheGovernorinCouncilinaccordancewiththeGOCAct.

3.4 Retirementbyrotation

NoDirectorissubjecttoretirementbyrotation.

3.5 CessationofDirector'sappointment

ApersonautomaticallyceasestobeaDirectorifthetermoftheDirector'sappointmentexpires,oriftheperson:

(a) isnotpermittedbytheAct(oranordermadeundertheAct)tobeaDirector;

(b) becomesdisqualifiedfrommanagingcorporationsunderPart2D.6andisnotgivenpermissionorleavetomanagetheCompanyundersection206For206G;

(c) becomesofunsoundmindorphysicallyormentallyincapableofperformingfunctionsofthatoffice;

(d) resignsbynoticeinwritingtotheCompany;or

(e) isremovedfromofficeunderrule3.6.

3.6 Removalfromoffice

WhetherornotaDirector'sappointmentwasexpressedtobeforaspecifiedperiod,theGovernorinCouncilmayremoveaDirectorfromoffice.

4. POWERSOFTHEBOARD

4.1 Powersgenerally

ExceptasotherwiserequiredbytheAct,theGOCAct,andanyotherapplicablelaworthisdocument,theBoard:

(a) haspowertomanagethebusinessoftheCompanyandtheattainmentandperformanceoftheCompany'sobjects;and

(b) mayexerciseeveryright,powerorcapacityoftheCompany.


4.2 StatementofCorporateIntent

Rule4.1issubjecttoanypriorundertakingtheCompanyhasgiventotheShareholdingMinistersinitsStatementofCorporateIntent.

4.3 Exerciseofpowers

ApoweroftheBoardcanbeexercisedonlybyresolutionpassedatameetingoftheBoardorotherwiseinaccordancewithrule10.

4.4 ResponsibilitiesundertheGOCAct

Theroles,responsibilitiesanddutiesoftheDirectorsincludethoserequiredofthemundertheGOCAct.

5. COMMITTEESANDDELEGATES

5.1 Powertodelegate

TheBoardmaydelegateanyofitspowersaspermittedbysection198D.

5.2 Powertorevokedelegation

TheBoardmayrevokeadelegationpreviouslymadewhetherornotthedelegationisexpressedtobeforaspecifiedperiod.

5.3 Termsofdelegation

Adelegationofpowersunderrule5.1maybemade:

(a) foraspecifiedperiodorwithoutspecifyingaperiod;and

(b) ontheterms(includingpowertofurtherdelegate)andsubjecttoanyrestrictionstheBoarddecides.

AdocumentofdelegationmaycontainanyprovisionsfortheprotectionandconvenienceofthosewhodealwiththedelegatethattheBoardthinksappropriate.

5.4 Proceedingsofcommittees

SubjecttothetermsonwhichapoweroftheBoardisdelegatedtoacommittee,themeetingsandproceedingsofcommitteesare,tothegreatestextentpractical,governedbytherulesofthisdocumentwhichregulatethemeetingsandproceedingsoftheBoard.


6. ATTORNEYORAGENT

6.1 Powertoappoint

TheDirectorsmayappointanypersonfromtheCompany’sexecutivetoactforanypurpose,foranyperiodandonanyterms(includingastoremuneration)theDirectorsresolve.Theappointmentistobeoftheperson’spositiontitleratherthantheindividualholdingthatpositionatthetimeoftheappointment.

6.2 Powertorevokeorvary

TheDirectorsmayrevokeorvaryanappointmentunderrule6.1.

7. DIRECTORS'DUTIESANDINTERESTS

7.1 CompliancewithdutiesundertheAct

EachDirectormustcomplywithsections180to183.

7.2 Degreeofcareanddiligencerequired

Indetermining,forthepurposesoftheActthedegreeofcareanddiligencethatareasonablepersoninalikepositioninaCompanywouldexerciseinthecircumstancesoftheCompany,regardmustbehadto:

(a) theapplicationoftheGOCActtotheCompany;and

(b) relevantmattersrequiredorpermittedtobedoneundertheGOCActinrelationtotheCompany.

7.3 Directorcanholdotherofficesetc

ADirectormay:

(a) beamemberofanycorporation(otherthantheCompany)orpartnership;or

(b) holdanyofficeorplaceofprofitoremploymentotherthanthatof:

(i) theCompany'sauditor;or

(ii) aPublicServiceOfficer.

7.4 Disclosureofinterests

EachDirectormustcomplywithsection191andsection192.


7.5 Directorinterestedinamatter

IfaDirectorhasaninterest(whetherthatinterestisadirectinterestoranIndirectInterest)inamatterthatisrequiredtobedisclosedundersection191:

(a) theDirectormustnotbepresent,andisnotentitledtovote,ataBoardmeetingthatconsidersthematter;

(b) iftheinteresthasbeendisclosedbytheDirector,theCompanymayproceedwithanytransactiontowhichtheDirector'sinterestisrelevant;

(c) iftheinteresthasbeendisclosedbytheDirectorbeforethetransactionisenteredinto,theDirectormayretainbenefitsunderthetransactioneventhoughtheDirectorhastheinterest;and

(d) theCompanycannotavoidthetransactionmerelybecauseoftheexistenceoftheinterest.

7.6 RegisterofInterests

(a) TheCompanymust

(i) recordeverydeclarationofinterestmadebyaDirectorintheminutesofthemeetingatwhichitismade;and

(ii) maintainaregisterofinterestsdisclosedundersection191andsection192.

(b) TheShareholdingMinistersmayrequesttheCompanytoprovidethemwithacopyoftheregistermaintainedunderparagraph(a)andtheCompanymustprovidetheregisterasrequestedbytheShareholdingMinisters.

7.7 Agreementswiththirdparties

TheCompanycannotavoidanagreementwithathirdpartymerelybecauseaDirector:

(a) failstomakeadisclosureofaninterest;or

(b) ispresentat,orcountedinthequorumfor,aBoardmeetingthatconsidersorvotesonthatagreement.

7.8 Obligationofsecrecy

EveryDirectorandSecretarymustkeepthetransactionsandaffairsoftheCompanyandthestateofitsfinancialreportsconfidentialunlessrequiredtodisclosethem:

(a) inthecourseofdutiesasanofficeroftheCompany;

(b) bytheBoardortheCompanyingeneralmeeting;or


(c) bylaw.

TheCompanymayrequireaDirector,Secretary,trustee,committeememberorotherpersonengagedbyittosignaconfidentialityundertakingconsistentwiththisrule.ADirectororSecretarymustdosoifrequiredbytheCompany.

8. DIRECTORS'REMUNERATION

8.1 RemunerationofDirectors

TheDirectorsoftheCompanyaretobepaidbywayoffeesfortheirservicestheamounts,ifany,approvedbytheCompanyingeneralmeeting.

8.2 Additionalremunerationforextraservices

IfaDirector,attherequestoftheBoardandforthepurposesoftheCompany,performsextraservicesormakesspecialexertions(includinggoingorlivingawayfromtheDirector'susualresidentialaddress),theCompanymaypaythatDirectorafixedsumsetbytheBoard,withthepriorapprovaloftheShareholdingMinisters,fordoingso.RemunerationunderthisrulemaybeeitherinadditiontoorinsubstitutionforanyremunerationtowhichthatDirectorisentitledunderrule8.1.

8.3 ExpensesofDirectors

TheCompanymustpayaDirector(inadditiontoanyremuneration)allreasonableexpenses(includingtravellingandaccommodationexpenses)incurredbytheDirector:

(a) inattendingmeetingsoftheCompany,theBoard,oracommitteeoftheBoard;

(b) onthebusinessoftheCompany;or

(c) incarryingoutdutiesasaDirector.

9. OFFICERS'INDEMNITYANDINSURANCE

9.1 Indemnity

SubjecttoandsofaraspermittedbytheAct,theTradePracticesAct1974(Cth)andanyotherapplicablelaw:

(a) theCompanymust,totheextentthepersonisnototherwiseindemnified,indemnifyeveryofficeroftheCompanyagainstaLiabilityincurredassuchanofficertoaperson(otherthantheCompanyorarelatedbodycorporate)includingaLiabilityincurredasaresultofappointmentornominationbytheCompanyasatrusteeorasanofficerofanothercorporation,unlesstheLiabilityarisesoutofconductinvolvingalackofgoodfaithandorinvolvesapecuniarypenalty;


(b) theCompanymaymakeapayment(whetherbywayofadvance,loanorotherwise)inrespectoflegalcostsincurredbyanofficeroremployeeindefendinganactionforaLiabilityincurredassuchanofficeroremployeeorinresistingorrespondingtoactionstakenbyagovernmentagencyoraliquidator.

Inthisrule,Liabilitymeansaliabilityofanykind(whetheractualorcontingentandwhetherfixedorunascertained)andincludescosts,damagesandexpenses,includingcostsandexpensesincurredinconnectionwithanyinvestigationorinquirybyagovernmentagencyoraliquidator.

9.2 Insurance

SubjecttotheActandanyotherapplicablelaw,theCompanymaypayoragreetopayapremiuminrespectofacontractinsuringapersonwhoisorhasbeenanofficeroftheCompanyagainstanyliabilityincurredbythepersonasanofficeroftheCompanyexceptaliability(otherthanoneforlegalcosts)arisingoutof:

(a) conductinvolvingawilfulbreachofduty;or

(b) acontraventionofsection182or183.

9.3 Formerofficers

Theindemnityinfavourofofficersunderrule9.1isacontinuingindemnity.ItappliesinrespectofallactsdonebyapersonwhileanofficeroftheCompanyeventhoughthepersonisnotanofficeratthetimetheclaimismade.

9.4 Deeds

SubjecttotheAct,theTradePracticesAct1974(Cth)andanyotherapplicablelaw,theCompanymay,withoutlimitingaperson'srightsunderthisrule9,enterintoanagreementwithapersonwhoisorhasbeenanofficeroftheCompany,togiveeffecttotherightsofthepersonunderthisrule9onanytermsandconditionsthattheBoardthinksfit.

10. CHIEFEXECUTIVEOFFICERANDSENIOREXECUTIVES

10.1 Appointment

a)ThechiefexecutiveofficermustbeappointedbytheBoardwiththepriorwrittenapprovaloftheShareholdingMinisters.

b)SeniorexecutivesmaybeappointedbytheBoardundertheGOCActwithoutconsultingShareholdingMinisters.


10.2 Termsandconditions

SubjecttorelevantGovernmentpoliciesapplicabletoSunWater,thetermsandconditionsofappointment(includingremuneration)ofthechiefexecutiveofficerandotherseniorexecutivesoftheCompanyshallbedeterminedbytheBoard.

11. BOARDMEETINGS

11.1 ConveningBoardmeetings

ADirectormayatanytime,andaSecretarymustonrequestfromaDirector,conveneaBoardmeeting.

11.2 NoticeofBoardmeeting

TheconvenorofeachBoardmeeting:

(a) mustgivereasonablenoticeofthemeeting(and,ifitisadjourned,ofitsresumption)individuallytoeachDirectorwhoisinAustralia;and

(b) maygivethatnoticeorally(includingbytelephone)orinwriting;

butfailuretogivenoticeto,ornon-receiptofnoticeby,aDirectordoesnotresultinaBoardmeetingbeinginvalid.

11.3 Useoftechnology

ABoardmeetingmaybeheldusinganymeansofaudiooraudio-visualcommunicationbywhicheachDirectorparticipatingcanhearandbeheardbyeachotherDirectorparticipatingorinanyotherwaypermittedbysection248D.ABoardmeetingheldsolelyorpartlybytechnologyistreatedasheldattheplaceatwhichthegreatestnumberoftheDirectorspresentatthemeetingislocatedor,ifanequalnumberofDirectorsislocatedineachof2ormoreplaces,attheplacewherethechairofthemeetingislocated.

11.4 ChairingBoardmeetings

TheGovernorinCouncilmaynominateaDirectortochairmeetingsoftheBoardanddecidetheperiodforwhichthatDirectorholdsthatoffice.IfthereisnochairofDirectorsorthechairisnotpresentwithin15minutesafterthetimeforwhichaBoardmeetingiscalledorisunwillingtoact,theDirectorspresentmustelectaDirectorpresenttochairthemeeting.

11.5 Quorum

UnlesstheBoarddecidesotherwise,thequorumforaBoardmeetingishalfthenumberofDirectorsappointedtotheBoardandifthatnumberisnotawholenumber,thenexthighestwholenumber.Aquorummustbepresentforthewholemeeting.ADirectoris


treatedaspresentatameetingheldbyaudiooraudio-visualcommunicationiftheDirectorisabletohearandbeheardbyallothersattending.Ifameetingisheldinanotherwaypermittedbysection248D,theBoardmustresolvethebasisonwhichDirectorsaretreatedaspresent.

11.6 Majoritydecisions

AresolutionoftheBoardmustbepassedbyamajorityofthevotescastbyDirectorsentitledtovoteontheresolution.Ifanequalnumberofvotesiscastforandagainstaresolution,thechairoftheBoardmeetingalsohasacastingvote.

11.7 Proceduralrules

TheBoardmayadjournand,subjecttothisdocument,otherwiseregulateitsmeetingsasitdecides.

11.8 Writtenresolution

IfalltheDirectorsentitledtoreceivenoticeofaBoardmeetingandtovoteontheresolutionsignadocumentcontainingastatementthattheyareinfavouroftheresolutionsetoutinthedocument,aBoardresolutioninthosetermsispassedatthetimewhenthelastDirectorsigns.

11.9 Additionalprovisionsconcerningwrittenresolutions

Forthepurposeofrule11.8:

(a) 2ormoreseparatedocumentsinidenticalterms,eachofwhichissignedby1ormoreDirectors,aretreatedas1document;and

(b) afacsimileorelectronicmessagecontainingthetextofthedocumentexpressedtohavebeensignedbyaDirectorthatissenttotheCompanyisadocumentsignedbythatDirectoratthetimeofitsreceiptbytheCompany.

11.10 Validproceedings

Eachresolutionpassedorthingdoneby,orwiththeparticipationof,apersonactingasaDirectorormemberofacommitteeisvalidevenifitislaterdiscoveredthat:

(a) therewasadefectintheappointmentoftheperson;or

(b) thepersonwasdisqualifiedfromcontinuinginoffice,votingontheresolutionordoingthething.


12. MEETINGSOFMEMBERS

12.1 Annualgeneralmeeting

TheCompanymustholdanannualgeneralmeetingasrequiredbysection250N.

12.2 CallingmeetingsofMembers

AmeetingofMembers:

(a) maybeconvenedatanytimebytheBoardoraDirector;and

(b) mustbeconvenedbytheBoardwhenrequiredbysection249Dor250Norbyordermadeundersection249G.

12.3 Noticeofmeeting

Subjecttorule12.4,atleast21days'writtennoticeofameetingofMembersmustbegivenindividuallyto:

(a) eachMember(whetherornottheMemberisentitledtovoteatthemeeting);

(b) eachDirector;and

(c) totheauditor.

Subjecttoanyregulationmadeundersection249LA,thenoticeofmeetingmustcomplywithsection249Landmaybegiveninanymannerpermittedbysection249J(3).

12.4 Shortnotice

Subjecttosections249H(3)and(4):

(a) iftheCompanyhaselectedtoconveneameetingofMembersastheannualgeneralmeeting,ifalltheMembersentitledtoattendandvoteagree;or

(b) otherwise,ifMemberswhotogetherhavepowertocastatleast95%ofthevotesthatmaybecastatthemeetingagree,

aresolutionmaybeproposedandpassedatameetingofwhichlessthan21days'noticehasbeengiven.

13. WRITTENRESOLUTIONSOFMEMBERS

13.1 Resolutionswithoutameeting

Inaccordancewithsection81oftheGOCAct,theCompanymaypassaresolutionwithoutageneralmeetingbeingcalledorheldiftheresolutionsetoutinadocumentissigned


anddatedbytheShareholdingMinisterscontainingastatementthattheyareinfavouroftheresolutionsetoutinthedocument.

13.2 Signatureofresolutions

TheCompanymaytreatadocumentonwhichafacsimileorelectronicsignatureappearsorwhichisotherwiseacknowledgedbyaMemberinamannersatisfactorytotheBoardasbeingsignedbythatMember.

14. SECRETARY

14.1 AppointmentofSecretary

TheBoard:

(a) mustappointatleast1individual;and

(b) mayappointmorethan1individual,

tobeaSecretaryeitherforaspecifiedtermorwithoutspecifyingaterm.

14.2 Termsandconditionsofoffice

ASecretaryholdsofficeontheterms(includingastoremuneration)thattheBoarddecides.TheBoardmayvaryanydecisionpreviouslymadebyitinrespectofaSecretary.

14.3 CessationofSecretary'sappointment

ApersonautomaticallyceasestobeaSecretaryiftheperson:

(a) isnotpermittedbytheAct(oranordermadeundertheAct)tobeasecretaryofacompany;

(b) becomesdisqualifiedfrommanagingcorporationsunderPart2D.6andisnotgivenpermissionorleavetomanagetheCompanyundersection206For206G;

(c) becomesofunsoundmindorphysicallyormentallyincapableofperformingthefunctionsofthatoffice;

(d) resignsbynoticeinwritingtotheCompany;or

(e) isremovedfromofficeunderrule14.4.

14.4 Removalfromoffice

TheBoardmayremoveaSecretaryfromthatofficewhetherornottheappointmentwasexpressedtobeforaspecifiedterm.


15. MINUTES

15.1 Minutesmustbekept

TheBoardmustcauseminutesof:

(a) proceedingsandresolutionsofmeetingsoftheCompany'sMembers;

(b) thenamesofDirectorspresentateachBoardmeetingorcommitteemeeting;

(c) proceedingsandresolutionsofBoardmeetings(includingmeetingsofacommitteeofDirectors);

(d) resolutionspassedbyDirectorswithoutameeting;and

(e) disclosuresandnoticesofDirectors'interests,

tobekeptinaccordancewithsections191,192and251A.

15.2 Minutesasevidence

Aminuterecordedandsignedinaccordancewithsection251Aisevidenceoftheproceeding,resolutionordeclarationtowhichitrelatesunlessthecontraryisproved.

15.3 Inspectionofminutebooks

TheCompanymust:

(a) allowMemberstoinspect;and

(b) uponrequestfromaMember,providecopiesof,

theminutebooksforthemeetingsofMembersinaccordancewithsection251B.

16. COMPANYSEALS

16.1 Commonseal

TheBoard:

(a) maydecidewhetherornottheCompanyhasacommonseal;and

(b) isresponsibleforthesafecustodyofthatseal(ifany)andanyduplicatesealitdecidestoadoptundersection123(2).


16.2 Useofseals

Thecommonsealandduplicateseal(ifany)mayonlybeusedwiththeauthorityoftheBoard.TheBoardmustnotauthorisetheuseofasealthatdoesnotcomplywithsection123.

16.3 Fixingsealstodocuments

Thefixingofthecommonseal,oranyduplicateseal,toadocumentmustbewitnessed:

(a) by2Directors;

(b) by1Directorand1Secretary;or

(c) byanyothersignatoriesorinanyotherway(includingtheuseoffacsimilesignatures)authorisedbytheBoard.

17. FINANCIALREPORTSANDAUDIT

17.1 Companymustkeepfinancialrecords

TheBoardmustcausetheCompanytokeepwrittenfinancialrecordsthat:

(a) correctlyrecordandexplainitstransactions(includingtransactionsundertakenastrustee)andfinancialpositionandperformance;and

(b) wouldenabletrueandfairfinancialstatementstobepreparedandaudited,

andmustallowaDirectorandtheauditortoinspectthoserecordsatallreasonabletimes.

17.2 Annualreport

TheBoardmustcausetheCompanytoprepareanannualreportthatcomplieswiththeGOCAct,theActoranotherapplicablelaw.

17.3 Quarterlyreports

TheBoardmustcausetheCompanytoprepareandgivetheShareholdingMinistersareportontheoperationsoftheCompanyinaccordancewiththeGOCAct.

17.4 Information

TheBoardmustprovideinformation(includingreportandinformationoftheoperations,financialperformanceandfinancialpositionoftheCompanyanditssubsidiaries)inaccordancewiththeGOCAct.


17.5 Audit

TheBoardmustcausetheCompany'sfinancialreportforeachfinancialyeartobeauditedandobtainanauditor'sreport.TheAuditor-Generalwillbetheauditorofthecompany.TheremunerationoftheauditorwillbeinaccordancewiththeGOCAct.

18. SHARES

18.1 Powertoissueshares

TheBoardmay,onbehalfoftheCompany,issueorotherwisedisposeofsharesonlytothosepersonspermittedbytheGOCAct.

18.2 PermittedMembers

UnlessotherwiseprovidedbytheGOCActonlyaShareholdingMinistermayholdsharesintheCompanyandbeenteredintheRegisterasaMemberoftheCompany.

18.3 Membersrights

UnlessotherwiseprovidedbytheGOCAct:

(a) eachShareholdingMinistermustatalltimeshaveanequalnumberofvotingsharesintheCompany;

(b) eachShareholdingMinistermustatalltimesbeentitledtovotingrightsequaltothosetowhichtheotherShareholdingMinisterisentitled;and

(c) eachShareholdingMinistermayholdnon-votingsharesandneednotholdanequalnumberofnon-votingshares.

19. CERTIFICATES

19.1 Issueofsharecertificate

TheCompanymustissueacertificateoftitletosharesthatcomplieswithsection1070Canddeliverittotheholderofthosesharesinaccordancewithsection1071H.

19.2 Lostandwornoutcertificates

Ifacertificate:

(a) islostordestroyedandtheowneroftherelevantsecuritiesappliesinaccordancewithsection1070D(5),theCompanymust;or

(b) isdefacedorwornoutandisproducedtotheCompany,theCompanymay,


issueanewcertificateinitsplace.

20. DIVIDENDS

20.1 Dividendsmustbepaidoutofprofits

TheCompanymustnotpayadividendexceptoutofprofitsoftheCompany.TheCompanydoesnotincuradebtmerelybyfixingtheamountortimeforpaymentofadividend.Adebtarisesonlywhenthetimefixedforpaymentarrives.AresolutionoftheBoardastotheamountoftheCompany'sprofitsandtheamountofthemavailablefordividendisconclusive.

20.2 Applicablelaw

BeforedeclaringadividendorinterimdividendtheDirectorsmustfullycomplywiththeproceduresandconsiderthematterssetoutintheGOCAct,theActoranotherapplicablelaw.

20.3 Paymentofdividends

SubjecttotheAct,theGOCAct,rule20.1andthetermsofissueofshares,theBoardmayresolvetopayanydividenditthinksappropriateandfixthetimeforpayment.

20.4 Methodofpayment

TheCompanymaypayanycashdividend,interestorothermoneypayableinrespectofsharesbychequesent,andmaydistributeassetsbysendingthecertificatesorotherevidenceoftitletothem,throughthepostdirectedto:

(a) theaddressoftheMember;or

(b) toanyotheraddresstheMemberdirectsinwriting,

orbyanyothermethodofpaymentordistributionasadvisedbytheShareholdingMinisters.

20.5 Nointerestondividends

NoMembermayclaim,andtheCompanymustnotpay,interestonadividend(eitherinmoneyorkind).

21. TRANSFEROFSHARES

21.1 TransfertoShareholdingMinister

AMembermaynottransfersharesotherwisethantoaShareholdingMinister.


21.2 TransferonMemberceasingtobeShareholdingMinister

(a) AMembershallceasetobeeligibletoholdsharesintheCompanyiftheMemberceasestobeaShareholdingMinister.

(b) ThesharesheldbyaMemberceasingtobeaShareholdingMinistermustbetransferredbytheMemberinaccordancewiththeGOCAct.

(c) IfaMemberceasestobeaShareholdingMinisterthatMembermustnotexerciseanyrightsasaMemberunderthisdocument(excepttotransfersharesinaccordancewiththeGOCAct).

21.3 Modeoftransfer

Subjecttorules21.1,21.6and21.8,andtheGOCAct,aMembermaytransferasharebyadocumenttheformofwhichispermittedbylawandwhichissignedbyoronbehalfofboththetransferorandthetransferee.TheCompanymustnotregisteratransferthatdoesnotcomplywiththisrule.

21.4 Premiermayexecutetransfer

InaccordancewiththeGOCActthePremiermayexecuteatransferonbehalfofeitherorboththetransferorandtransferee.

21.5 ProvisionsoftheGOCAct

NotwithstandinganycontraryrulesinthisdocumentortheAct,theDirectors:

(a) mustregisteratransferofshareswhichispermittedbytheGOCAct;and

(b) mustnotregisteratransferofsharesunlesstheprovisionsoftheGOCActconcerningthetransferofsharesarefullycompliedwith.

21.6 Deliveryoftransferandcertificate

Adocumentoftransferunderrule21.3mustbe:

(a) deliveredtotheregisteredofficeoftheCompanyortheaddressoftheRegisterlastnotifiedtoMembersbytheCompany;

(b) accompaniedbythecertificate(ifany)forthesharestobetransferredorevidencesatisfactorytotheBoardofitslossordestruction;and

(c) markedwithpaymentofanystampdutypayable.

PropertyinandtitletoadocumentoftransferthatisdeliveredtotheCompany(butnotthesharestowhichitrelates)passestotheCompanyondelivery.


21.7 Refusaltoregistertransfer

Subjecttorule21.8,theBoard,withoutgivinganyreason,mayrefusetoregisteratransferofsharesand,subjecttosection259CandinsofartheGOCActpermitssuchrefusal,mustnotregisteratransfertoasubsidiaryoftheCompany.IftheBoardrefusestoregisteratransfer,theCompanymustgivethetransfereenoticeoftherefusalwithin2monthsafterthedateonwhichthetransferwasdeliveredtoit.

21.8 TransfersdirectedbyShareholdingMinisters

TheDirectorsmustregisteranysharetransfernotifiedinwritingtothembytheShareholdingMinistersorthePremier.

21.9 Transferorremainsholderuntiltransferregistered

ThetransferorofashareremainstheholderofituntilthetransferisregisteredandthenameofthetransfereeisenteredintheRegisterinrespectofit.

22. TRANSMISSIONOFSHARES

Intheeventofthedeath,bankruptcyormentalincapacityofaMember,theprovisionsofrules21.2,21.3and21.4apply.

23. ALTERATIONOFSHARECAPITAL

23.1 Reductionofcapital

TheCompanymayreduceitssharecapital:

(a) byreductionofcapitalinaccordancewithDivision1ofPart2J.1;

(b) bybuyingbacksharesinaccordancewithDivision2ofPart2J.1;

(c) inthewayspermittedbysections258Eand258F;or

(d) inanyotherwayforthetimebeingpermittedbytheAct.

23.2 Paymentsinkind

WheretheCompanyreducesitssharecapitalinaccordancewithDivision1ofPart2J.1,itmaydosobywayofpaymentofcash,distributionofspecificassets(includingsharesorothersecuritiesinanothercorporation),orinanyothermannerpermittedbylaw.Ifthereductionisbydistributionofspecificassets,theBoardmay:

(a) fixthevalueofanyassetsdistributed;


(b) makecashpaymentstoMembersonthebasisofthevaluefixedsoastoadjusttherightsofMembersbetweenthemselves;and

(c) vestanassetintrustees.

24. WINDINGUP

24.1 EntitlementofMembers

Subjecttothetermsofissueofshares,thesurplusassetsoftheCompanyremainingafterpaymentofitsdebtsaredivisibleamongtheMembersinproportiontothenumberoffullypaidsharesheldbythemand,forthispurpose,apartlypaidshareiscountedasafractionofafullypaidshareequaltotheproportionwhichtheamountpaidonitbearstothetotalissuepriceoftheshare.

24.2 Distributionofassetsgenerally

IftheCompanyiswoundup,theliquidatormay,withthesanctionofaSpecialResolution:

(a) dividetheassetsoftheCompanyamongtheMembersinkind;

(b) forthatpurposefixthevalueofassetsanddecidehowthedivisionistobecarriedoutasbetweentheMembersanddifferentclassesofMembers;and

(c) vestassetsoftheCompanyintrusteesonanytrustsforthebenefitoftheMembersastheliquidatorthinksappropriate.

24.3 Nocompulsorydistributionofliabilities

TheliquidatorcannotcompelaMembertoacceptmarketablesecuritiesinrespectofwhichthereisaliabilityaspartofadistributionofassetsoftheCompany.

24.4 Distributionnotinaccordancewithlegalrights

IftheliquidatordecidesonadivisionorvestingofassetsoftheCompanyunderrule24.2whichdoesnotaccordwiththelegalrightsofthecontributories,anycontributorywhowouldbeprejudicedbyitmaydissentandhasancillaryrightsasifthatdecisionwereaspecialresolutionpassedundersection507.

25. NOTICES

25.1 NoticesbyCompany

AnoticeisproperlygivenbytheCompanytoapersonifitis:

(a) inwritingsignedonbehalfoftheCompany(byoriginalorprintedsignature);


(b) addressedtothepersontowhomitistobegiven;and

(c) either:

(i) deliveredpersonally;

(ii) sentbyprepaidmail(byairmail,iftheaddresseeisoverseas)tothatperson'saddress;

(iii) sentbyfaxtothefaxnumber(ifany)nominatedbythatperson;or

(iv) sentbyelectronicmessagetotheelectronicaddress(ifany)nominatedbythatperson.

25.2 Whennoticeisgiven

AnoticetoapersonbytheCompanyisregardedasgivenandreceived:

(a) ifitisdeliveredpersonally:

(i) by5pm(localtimeintheplaceofreceipt)onabusinessday-onthatday;or

(ii) after5pm(localtimeintheplaceofreceipt)onabusinessday,oronadaythatisnotabusinessday-onthenextbusinessday;

(b) ifitissentbyfaxorelectronicmessage:

(i) by5pm(localtimeintheplacefromwhichitissentorgiven)onabusinessday–onthatday;or

(ii) after5pm(localtimeintheplacefromwhichitissentorgiven)onabusinessday,oronadaythatisnotabusinessday–onthenextbusinessday;and

(c) ifitissentbymail:

(i) withinAustralia-1businessdayafterposting;or

(ii) toaplaceoutsideAustralia-3businessdaysafterposting.

AcertificateinwritingsignedbyaDirectororSecretarystatingthatanoticewassentisconclusiveevidenceofservice.

25.3 Businessdays

Forthepurposesofrule25.2,abusinessdayisadaythatisnotaSaturday,Sundayorpublicholidayintheplacetowhichthenoticeissent.


25.4 Countingdays

Ifaspecifiedperiodmustpassafteranoticeisgivenbeforeanactionmaybetaken,neitherthedayonwhichthenoticeisgivennorthedayonwhichtheactionistobetakenmaybecountedinreckoningtheperiod.

26. AMENDMENTOFTHISDOCUMENT

26.1 AmendmentbyShareholdingMinisters

NotwithstandinganycontraryrulesinthisdocumentorintheAct,theShareholdingMinistersmayatanytimeamendthisdocument.

26.2 ConsentofShareholdingMinistersrequired

NotwithstandinganycontraryrulesinthisdocumentortheAct,thisdocumentmustnotbeamendedwithoutthepriorwrittenconsentoftheShareholdingMinisters.

Documents

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